Federal Tax Court Clarifies Cannabis Income Tax Liability | Arent Fox
To embed, copy and paste the code into your website or blog: To change its method of accounting, a taxpayer must receive consent from the IRS and should provide evidence showing the change in business activity, so that the IRS can confirm that the change in method of accounting will accurately reflect income. While it remains illegal to buy and sell cannabis under the federal Controlled Substances Act, the IRS collects income taxes from cannabis businesses, which largely operate under various state laws. By selling a Schedule I controlled substance, cannabis businesses are largely restrict...
Source: jdsupra.com